The Entry to Close Income Summary (Net Loss) Was Entered

question 77

Multiple Choice

The entry to close Income Summary (net loss) was entered in reverse-Income Summary was debited and Capital was credited. This error will cause

• A) Income Summary to have a credit balance.
• B) Income Summary to have a debit balance.
• C) the assets to be overstated.
• D) the liabilities to be overstated.